Gold Shops in Thailand - Walkabout Tours Phuket

Gold Shops in Phuket

Everyone knows Thailand is famous for its bargains. But have you ever thought about buying gold?

There are thousands of gold shops around Thailand, they are in almost every shopping center and on every street corner.

It’s actually not that well known but Thailand has some of the largest unofficial gold reserves in the world. Why you may ask? Gold is actually the unofficial banking system for Thailand. While just about every Thai has a bank account, every Thai also likes to tuck a bit of gold under their bed for a rainy day.

Gold is measured by weight. The official weight of gold is a Baht. 1 Baht weighs 15.244 grams

There is a daily change to the gold prices which is posted outside all the gold shops each day. Workmanship on the gold costs between 500 and 2000 Baht. So generally in Phuket it will be 2000 Baht, where big cities like Bangkok the workmanship might only be 500 Baht. Workmanship in western countries can be up to 300%, and all that you are paying for is for a jeweller to cut off lengths of gold chain from a roll and assemble clips.

So you may ask yourself why would Thais buy gold?

Well it is a status symbol, the more gold you have the flasher you look.  It’s also used very widely in dowry payments. But one of the main reasons is that gold generally appreciates faster in value than the interest rates that banks can pay for cash in your bank. So when a Thai person buys gold, they are reluctant to cash it in, but if they need to there are gold shops everywhere which will pay cash within minutes for their gold. Gold is the unofficial currency of Thailand.

Myths:

’22 Carat gold is too soft’. It isn’t. A necklace or ring can pretty much survive anything you will encounter on your day to day activities. Perhaps if you got run over by a cement truck it might be a bit flat, but that would be the least of your worries if that happened.

‘The gold shops will sell fakes and rip me off’. They don’t. Why would they go to all the expense of setting up a business and renting a shop just to con a few tourists?  Ive never heard of it happening. If you’re worried about that. Just sit back and watch how many locals go in and out of the shop first. Then after your purchase they will triple check your weight to make sure your happy, you will then be issued a certificate of authenticity as well as the shops license number. If you’re still unsure you can go directly across the road to the next gold shop and have it checked for purity and weight.

‘Asian Gold is too yellow, it looks ugly’. 2-3 Billion, Indians, Chinese, South East Asians and Arabs won’t agree with you there.

You can have one of the drivers drop you off at one of the busier gold shops in Big C, or Central on one of our Phuket City Tours, just click here to book.

Or click here to go back to our blog

Comments

comments